The growth of urbanization and industrialization has led to various technological developments and the rise of 4.0 and IoT; UWB (ultra-wideband) technology-based Real-time location systems are largely driving the growth of the Real-Time Location System (RTLS) Market.
There are different characterized factors such as easy system integration, higher flexibility, and accuracy that improve the market’s performance. The market has shown sheer growth in recent years, and the growth to continue in the future years. Different growth drivers and factors are largely driving the market. The increase in demand for miniaturization and paradigm shift for a connected world is fueling up the market to develop smarter products. The rise in advanced technologies like the growth of artificial intelligence, autonomous vehicles, and commercial improvements are bringing up emerging opportunities for the Real-Time Location System (RTLS) Market.
The rising demand for real-time location system solutions in smart cities and established infrastructures for tracking and monitoring on-road vehicles is propelling the market’s growth. The growing development of IT sectors and the demand for RTLS solutions will offer seamless connectivity for the users. Other growth opportunities like the rise in adoption of RTLS solutions by enterprises, individuals, and tech developers are positively impacting the market.
The covid-19 pandemic has negatively impacted the Real-Time Location System (RTLS) Market because the supply chain process was disrupted due to lockdowns, resulting in an economical loss. But the market will soon recover with the help of rising opportunities.
According to the reports, the Real-Time Location System (RTLS) Market is estimated to reach a CAGR of 24.4 percent with a value of USD 18.97 billion during the forecast period.
The Real-Time Location System (RTLS) Market is segmented based on type, technology, industry vertical, application, and region.
The type segment of the market consists of hardware, software, and services type. While, the technology segment is categorized into Radio Frequency Identification (RFID), Ultra-Wideband (UWB), Bluetooth Low Energy (BLE), Infrared (IR), Ultrasound, GPS, and Others.
The application segments show the application of RTLS solutions in various activities such as access control and security, environmental monitoring, supply chain management, operational automation/visibility, personnel/Staff locating and monitoring, warehouse management, and monitoring, and others. The market is divided into direct and distribution channels based on sales.
The regional status shows the growth of the Real-Time Location System Market in various regions such as Europe, Asia Pacific, North America, and the rest of the world. North America is considered as the leading region in the past due to the rise in the development of IT sectors, and small and medium-sized enterprises (SMEs) in North America are driving the regional market of the region.
Europe is the second-largest market region due to the increase in demand of the market in manufacturing sectors, and the healthcare sector is boosting the growth of the market. Other market regions will also show significant growth in the coming years.
On December 14, 2020, An indoor intelligence company, Inpixon (US), announced their high performance, RTLS server enhancement to deliver accurate increased location, interoperability, and scalability and developer tools for the real-time location system deployment.
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